Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,777/mo
Lowest payment- Down payment
- $160,284
- Funds due
- $172,038
- Interest + MI left
- $97,506
- First ends
- Sep 2050
Assumption
Assumption + second
$2,665/mo
+$888/mo- Down payment
- $39,284
- Funds due
- $52,341
- Interest + MI left
- $296,134
- First ends
- Sep 2050
New loan
New conventional
$3,131/mo
+$1,354/mo- Down payment
- $39,284
- Funds due
- $48,807
- Interest + MI left
- $531,733
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,616 | $229,616 | $350,616 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,143.78 | $1,143.78 | $2,427.59 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $70.12 |
| Taxes, insurance & HOA | $633.25 | $633.25 | $633.25 |
| Total housing payment | $1,777.03 | $2,664.89 | $3,130.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,284
Closing costs & prepaids$13,058
Usable credit−$0
Total buyer cash needed$52,341
Earnest money paid−$0
Remaining funds due$52,341
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,148.08
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$228.75
Initial HOA (3 months)$1,221.00
Prepaid interest, first (2 days)$39.76
Prepaid interest, second (2 days)$53.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 10 moOf the original 30-year loan at 3.160%
Interest already paid$48,434Through Nov 2026
Assumption only · ends Sep 2050$97,506
Assumption + second · ends Sep 2050, second Dec 2056$296,134
New conventional · ends Dec 2056$531,733